SHANGHAI, Jan 7 (SMM) – As of Friday January 7, the copper inventory across major Chinese markets dropped 11,200 mt from Monday January 3 to 83,700 mt. The inventory was back to the downward trajectory after rising for only one week. Only Chongqing saw slightly added inventory this week, and the inventories dropped in the rest major markets, with Shanghai contributing most of the declines.
In details, the inventory rise 1,000 mt to 1,700 mt in Chongqing, dropped 10,200 mt to 58,900 mt in Shanghai, fell 600 mt to 11,000 mt in Guangdong, and declined 500 mt to 8,500 mt in Jiangsu.
The operating rates of smelters dropped to varying degrees after the New Year’s Day, as they have maintained hectic production schedules in December. The copper imports that completed customs clearance dropped. And the demand picked up after the copper prices fell for several straight days.
Looking into next week, the copper imports and shipments from domestic smelters are expected to stand low, and the demand will be stable. Hence SMM believes that the inventory will keel falling.
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